FORT LAUDERDALE, FL-Las Olas Riverfront has traded for $16.7 million in an all-cash transaction. The property has been in flux since 2008, when Cerebrus Capital Management affiliate Madeleine LLC purchased the asset for $21.8 million. In the most recent transaction, Las Olas Riverfront, LP purchased the property for from CRE Las Olas Riverfront LLC, an entity owned by a large private equity fund.

Colliers International South Florida represented both the buyer and the seller in the transaction. Colliers senior VP-partner John Crotty, senior VP of Retail Services Mia Stierheim, and president Michael T. Fay represented the seller in the transaction. Colliers senior VP Achikam Yogev represented the buyer of the landmark property.

“This was challenging because ultimately the entity that was going to buy the property needed a vision that corresponded to seller’s price expectations,” Yogev tells GlobeSt.com. “We were successful in bridging a gap here between the parties. The buyer has a very specific vision for the property and is comfortable with the Fort Lauderdale market and the needs of downtown.”